I just finished installing the Mayfair “deluxe” inside hydraulic kit on my 350 mag mpi’s/B1’s. The kit said to use GM power steering fluid. I found a Fram branded fluid in town that said it was a GM equivalent. After filling the system I realized the fluid was clear and not red like the stuff in the OE system, question is should I drain it and get some ACDelco fluid or will it be okay?

I would think you'll be fine, it would just be harder to identify if it was leaking.
Mercruiser calls for "Use Quicksilver Power Trim and Steering Fluid, or automatic transmission Fluid (ATF) Dexron IIl. "
So I used https://www.walmart.com/ip/Super-Tec...Quart/17134874

Which says it's for Dexron III as well.

I installed the IMCO Uni Mount (and all IMCO) on my Formula 292 w/twin 350s, a few months ago. I love it!